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PEDEHALHESEItVESYSTEM H. 13 September 20, 1967. No.317 CAPITAL MARKET DEVELOPMENTS ABROAD I. II. I. Ten Charts on Financial Markets Abroad Latest Figures Plotted in H.13 Chart Series, 1967 Ten"Charts on Financial Markets Abroad Chart Chart Chart Chart Chart Chart Chart Chart Chart Chart 1 - New York, London, Montreal: Yields for U.S. Dollar Investors on 3-month Funds 2 - London: Yields for U.S. Dollar Investors on 3-month Funds 3 - Interest Arbitrage: Frankfurt/London, Zurich/London 4 - Interest Arbitrage: New York/Canada 5 - Interest Arbitrage: New York/London 6 - Short-term Interest Rates 7 - Long-term Bond Yields 8 - Spot Exchange R a t e s — M a j o r Currencies Against U.S. Dollar 9 - 3-month Forward Exchange Rates 10 - Industrial Stock Indices Europe and British Commonwealth Section. OFFICIAL USE ONLY (Decontrolled after six months) NEW YORK, LONDON, MONTREAL: YIELDS FOR U . S . D O L L A R DOLLAR DEPOSIT INVESTORS O N 3 - M O N T H RATES: FUNDS NEW Y O R K - L O N D O N EURO DOLLAR DEPOSIT U.S. CERTIFICATE OF DEPOSIT EURODOLLAR OVER U.S. CERTIFICATE OF DEPOSIT FINANCE CO. PAPER RATES (covered): QUOTED IN NEW YORK U.K. HIRE PURCHASE n C A N A D I A N FINANCE COMPANY . un. 1966 Sept. Mar. 1967 Jun. LONDON: YIELDS EURO-DOLLAR FOR DEPOSIT U.S. DOLLAR INVESTORS ON 3-MONTH 30 180 90 AND DAY DAY DAY 4 PURCHASE FUNDS RATES LOCAL CALL AUTHORITY HIRE DEPOSIT RATES (covered) PURCHASE EURO-DOLLAR DEPOSIT FAVOR HIRE P U R C H A S E EURO-DOLLAR DEPOSIT LOCAL AUTHORITY DEPOSIT FAVOR LOCAL AUTHORITY 1965 1966 1967 | INTEREST ARBITRAGE: FRANKFURT/LONDON, FRANKFURT LOAN INTERBANK RATE V S . L O N D O N ZURICH/LONDON EURO-DOLLAR RATE ( C O V E R E D ) I N TERMS OF D M INTERBANK LOAN RATE FAVOR F R A N K F U R T DIFFERENTIAL FAVOR ZURICH DEPOSIT RATE VS. LONDON EURO- DOLLAR RATE EURODOLLAR (COVERED) IN TERMS OF S W I S S F R A N C S EURO-DOLLAR SWISS DEPOSIT RATE FAVOR DIFFERENTIAL FAVOR PRICE OF GOLD IN EURO-DOLLAR LONDON 1965 1966 1967 ZURICH 1968 z INTEREST ARBITRAGE, 3-MONTH TREASURY UNITED STATES/CANADA RATES BILL ! i CAN.^FIN^CO. P A P E R ^ - CANADA : i : / A UNITED STATES \l : BILL RATE DIFFERENTIAL AND hOR W A R D C A N AD 1A ; : L. u L L A R SPREAD IN FAVOR O f CANADA PREMIUM | ^ DISCOUNT -j | ! / v V ^ A s V ! FORWARD RATE 1 3-MONTH COVERED RATE DIFFERENTIALS (NET INCENTIVES) PRIME FINANCE PAPER |. • 1 TREASURY B I L L S ' i ! : 1 l ; FAVOR CANADA 1 F A V O R U.S. FAVOR CANADA l\K . A ' A \ A V 0 R U.S. , M 1964 J 1966 S 0 M J 191 : V ! : 1 INTEREST 3-MONTH ARBITRAGE, TREASURY NEW BILL Y O R K / L O N D O N RATES U.K. LOCAL AUTHORITY DEPOSITS LONDON NEW YORK RATE DIFFERENTIAL AND 3-MONTH FORWARD STERLING S P R E A D IN FAVOR OF LONDON DISCOUNT F O R W A R D RATE RATE DIFFERENTIAL WITH FORWARD EXCHANGE COVER (NET INCENTIVE) IN FAVOR OF L O N D O N IN FAVOR OF NEW YORK I 1964 1966 1967 r SHORT-TERM INTEREST RATES* n 8 E U R O - D O L L A R - LONDON "t SWITZERLAND 2 9 JAPAN GERMANY ! 6 CANADA U.S. _ 1963 1964 : 1965 1966 1967 j 2 LONG-TERM BOND YIELDS Wceklv tigv'et Percent NETHERLANDS CANADA SWITZERLAND GERMANY EURO DOLLAR B O N D S 1963 1964 1965 1966 1967 SPOT EXCHANGE RATES - MAJOR CURRENCIES AGAINST U.S. DOLLAR S W I S S FRANC GERMAN MARK U.K STERLING FRENCH FRANC B E L G I A N FRANC, DUTCH GUILDER C A N A D I A N DOLLAR I T A L I A N LIRA JAPANESE YEN S 1965 1966 1967 10 3-MONTH AGAINST F O R W A I D U.S. 1XCHAN01 DOLLARS — N E W KATIS YORK SWISS FRANC / GERMAN MARK POUND STERLING FRENCH FRANC DUTCH GUILDER C A N A D I A N DOLLAR AGAINST day figures POUND STERLING — L O N D O N S W I S S FRANC GERMAN MARK U.S. DOLLAR V DISCOUNT 1965 1966 1967 W ' INDUSTRIAL STOCK 1958100 INDICES R„„O »ccit 360 32C 280 SWITZERLAND 240 200 GERMAN 160 120 360 320 280 240 JAPAN 200 CANADA 160 J 120 I : - September 20, 1967 H. 13 No.317 ( a l l f i g u r e s per cent per annum) Upper Panel Chart 1 (Wednesday. Sent . 13 Euro-$ deposit 5.12 U.S. certif. of deposit 4.95 Lower Panel Chart 5 (Friday, Sept. 15) ) Treasury bills: Sept. 15 U.S. Canada Hire-purchase paper, U.K. 4.75 4.29 4.64 Forward pound - ,.80 Net incentive (U.K. +) - ,.02 Chart 6 (Friday, Sept. 15 ) Treasury bills: Euro-$ deposits: 90- day 180-day Hire-purchase paper (Sept. 8) Local-authority deposit (Sept. 8) Chart 3 Upper Panel (Period: 3. 38 4.80* Euro-$ deposit (London) 5, 12 4. 70** Zurich 3-month deposit (Date: Aug. 15 Japan composite rate (Date: June 30 Sept. 15 3 .38 3 .53 ) Canada U.S. Spread favor Canada U.S. Gov't. (Wed. , 3,.25 7. 29 Sept. 13 ) 4.91 35.,185 German Fed. (Fri., Sept. 1 5 ) 6.,65 Swiss Confed. (Fri., Sept. 8 ) 4.,52 ., Sept. 1 3 ) 6. 09 ) 4. 36 4. 36 0 -1. 14 Net incentive (Canada +) -1. 14 ) 6.86 Forward Canadian $ Canadian finance paper 3. 25 Chart 7 Chart 4 (Friday, Sept. 1 5 ) Treasury bills: ) Aug. 15 Zurich 3-month deposit Price of gold (Friday, Sept. 8 4. 36 5. 14 4. 36 Interbank loan rate (German) Interbank loan (mid-point) (Date: U.S. U.K. Canada 5.12 5.62 Euro-$ deposit (average) Lower Panel + . 78 ) Chart 2 (Friday, Sept. 15) 4.38 4.81 5 .14 4 .36 -Spread favor U.K. (Friday, Finance co. paper: Call 30-day U.K. U.S. Netherlands Gov't, perpetual 3% (Friday, Sept. 8 ) 5.71 Euro- $ bonds (Fri., 6.42 Sept. 15 ) For descriptions and sources of data, see special supplement to H.13, Number 239, March 16, 1966. June 9 -v5,42r **5.17r Aug. 4 *5.15r **4.99r M 5. 75 July 30 7 14 21 28 5.44r 5.51r 5.35r 5.06r 5.12r kul II 5.06r 25 5.26r Sept. 1 5.16r 4.90r 4.96r 4.94r 4.89r MX 4.75r 4.73r
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